Albania has not significantly improved measures to combat money laundering and terrorist financing in line with the FATF Recommendations, MONEYVAL finds in its follow up report published today.
As a result of the assessment made in 2018, Albania was requested to report to MONEYVAL under its enhanced follow-up procedure. Deficiencies with technical compliance were identified with respect to targeted financial sanctions, transparency of legal arrangements, supervision of financial institutions and non-financial businesses and professions.
MONEYVAL has examined a range of legislative, regulatory and institutional measures implemented by Albania to address these shortcomings. It found that only few positive steps were taken by the authorities concerning targeted financial sanctions, which prompted the rating for the FATF Recommendation 7 to change from “non-compliant” to “partially compliant”.
The follow-up report also covered the application of new international requirements for virtual assets, including, among others, the most prominent virtual currencies (Bitcoin, Ethereum, etc.) and the providers of these assets. Albania’s rating on the implementation of this Recommendation has been downgraded from “largely compliant” to “partially compliant”. Other ratings remain unchanged.
MONEYVAL has decided that Albania should remain in the enhanced follow-up procedure and report back on further progress to strengthen its implementation of AML/CFT measures on a yearly basis.